Technology: Services

AESCO Electronics, Inc.

Western Reserve served as exclusive investment banker to AESCO Electronics, Inc. in its sale to AirBorn Inc., a leading manufacturer of electronic components and provider of value-added services based in Addison, Texas.

“AESCO is an outstanding company with a long history of providing high quality design and manufacturing services to its customer base,” said Cindy Lewis, CEO of AirBorn. “At a time when U.S. defense budgets are projected to continue declining over the next decade, this acquisition will complement our current business, build new opportunities and significantly advance our vision of providing value added solutions to our customers.”

By adding 300 employees from AESCO, AirBorn will increase its employee base by 30% to approximately 1,400 employees. The acquisition of AESCO also increases AirBorn’s bottom line. Combined sales for AirBorn are approximately $160 million.

“With AirBorn’s strong position and history in defense markets, we see an acceleration of our long-term market growth plans. We are very much looking forward to becoming an important part of the AirBorn team,” said Roger Engle, president of AESCO.

Leading the transaction for Western Reserve were Managing Director Mark Filippell and Director Kevin Mayer, supported by Associate Ante Turcinov and Analyst Jessica Fleck.

“This sale to Airborn is a great outcome for all AESCO stakeholders,” said AESCO Chief Executive Officer William Feth. “The team at Western Reserve did an outstanding job in advising our senior management and Board of Directors on the best business and legal structure to frame an advantageous deal with Airborn. They were extremely helpful in breaking several negotiation logjams during the extended discussion process. The combination with Airborn represents the best strategic outcome for all of our stakeholders. Western Reserve’s keen understanding of our business model and competitive landscape were essential in delivering superior value.”

. . .

The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.The testimonials are not paid and are not indicative of future performance or success.

Asurint

Technology: Services

Asurint

Western Reserve Partners served as the exclusive financial advisor to Asurint (“the Company”), a leading provider of next-generation background screening solutions, in its growth equity recapitalization with North Bridge Growth Equity, a Waltham, Massachusetts-based private equity firm that invests in disruptive, high growth technology companies. Asurint is utilizing North Bridge’s minority equity investment to both accelerate the Company’s sales growth, hiring and product development initiatives and provide liquidity to its original, non-management investors.

Headquartered in Cleveland, Ohio, Asurint has developed an innovative, technology-driven service model that provides enterprise-level clients with best-in-class background screening accuracy, turnaround time, compliance and total cost of search. Asurint’s unmatched offerings are rapidly supplanting conventional background screening providers and garnering the Company blue-chip customers across a broad range of sectors, including staffing, healthcare, transportation and retail.

Gregg Gay, CEO of Asurint, commented, “The Western Reserve team’s tenacious execution throughout all phases of this transaction was critical to such a successful outcome for Asurint’s shareholders, management and employees. With a valuable partner in North Bridge and a fortified balance sheet, Asurint is well positioned to accelerate our growth strategy.”

“Asurint is an exceptional technology-driven company and a true gem for Ohio that Western Reserve is proud to have advised,” said Mr. Dunstan. “We thoroughly enjoyed working together with the Company’s astute board of directors and talented management team to deliver this exciting partnership with North Bridge and look forward to following Asurint’s continued success in the background screening market.”

Technology: Services

Cranel, Inc. (Adexis division)

Western Reserve acted as exclusive financial advisor to Cranel, Inc. in the divestiture of its Adexis division to FusionStorm.

Founded by James Wallace in 1985 and headquartered in Columbus, Ohio, Cranel is a full-service distributor of computer equipment and related services, serving VARs that supply Fortune 1000 and small and medium-sized businesses in the U.S. and Canada. The Company’s Adexis division is a leading provider of turnkey data storage solutions, from hardware and software products to professional consulting and support services.

Western Reserve was engaged by Cranel to explore a divestiture of Adexis, a non-core division, and through a competitive auction process, Western Reserve introduced Adexis to several potential strategic buyers.

Adexis was acquired by FusionStorm in November 2009. Based in San Francisco, California, FusionStorm is provider of technology solutions. The acquisition of Adexis enhanced FusionStorm’s engineering talent and strengthened its Midwest sales teams across all technology business units and provided Adexis’ customers with access to many more technology solutions from FusionStorm’s technology practices

Cranel Chairman and Chief Executive Officer James Wallace said, “We are very appreciative of Western Reserve’s creativity and dedication to execution. This transaction will allow our management team to focus on Cranel’s industry leading Imaging business and its complementary Versitec service offering, which we believe will create significant long-term value for our stakeholders.”

. . .

The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.The testimonials are not paid and are not indicative of future performance or success.

Technology: Services

Diebold, Incorporated (Diebold ERAS subsidiary)

Western Reserve Partners served as the exclusive advisor to Diebold, Incorporated (NYSE: DBD) in the divestiture of Diebold ERAS, Inc. (“ERAS”) to CheckAlt, LLC.

ERAS is a leading provider of Check 21-compliant image-based check processing and remittance services to regional and community-based financial institutions throughout North America. Headquartered in Miami, Florida, with additional locations in Florida and Georgia, the Company’s services capture and transmit check image data from ATMs, branches, remote locations and mobile devices.

Founded in 1859, Diebold is a global leader in providing innovative self-service technology, security systems and related services. Diebold has approximately 16,000 employees worldwide and is headquartered in Canton, Ohio.

Divine Inc.

Technology: Services

Conglomerate providing various software and related services for enterprise management and internet-based activities ($150+ million indebtedness)

Technology: Services

Inservco, Inc. (portfolio company of MCM Capital Partners)

Founded in 1968 in LaGrange, Ohio, Inservco, Inc. is a leading provider of technology, design and manufacturing services to small and mid-sized original equipment manufacturers (“OEMs”). The company offers extensive technology, design and electronic manufacturing services to customers such as medical equipment manufacturers, industrial OEMs and telecommunications equipment producers. Inservco’s product offering includes product prototyping, production design, PCB assembly, box build and final product assembly, testing services, inventory management and repair depot services.

Western Reserve was engaged by the Board of Directors to render a valuation as to the enterprise value of the company.

Technology: Services

The SpyGlass Group, Inc.

Western Reserve Partners served as the exclusive investment banker to The SpyGlass Group, Inc. in its recapitalization by an investor group led by Crane Investment Company. The transaction was led by Managing Director David Dunstan, Director Charles Aquino and Vice President Andrew Male of the firm’s Business Services and Consumer group, who were supported by Analyst Courtney Downs.

SpyGlass is a leading provider of niche telecommunications expense management services. Headquartered in Westlake, Ohio, the Company’s services include audit and implementation of telecom expense savings opportunities such as recovery of funds paid in error, elimination of unnecessary services and improvement of provider cost structures. SpyGlass serves a diverse range of customers, including private sector businesses of all sizes, government agencies, educational institutions and healthcare facilities.

Co-Chief Executive Officers Bradley Clark and Edward DeAngelo will remain significant shareholders in the company and continue to serve in the same capacity along with the existing management team. “Our team is thrilled to be partnering with Crane Investment Company as we continue to invest in the business and execute our long term growth strategy,” said Mr. DeAngelo.

“It was a pleasure to represent SpyGlass on this transaction,” said Mr. Dunstan. “SpyGlass is well positioned for continued growth given its unique sales model, compelling value proposition and proven ability to penetrate new markets.”

Mr. Clark said, “Western Reserve’s assistance and advice were critical in finding the right partner and navigating through the process. Their team’s expertise, responsiveness, perseverance and creativity allowed us to achieve a very favorable outcome for the company, our employees and our customers.”

. . .

The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.The testimonials are not paid and are not indicative of future performance or success.

contact us

WESTERN RESERVE PARTNERS, a division of Citizens Capital Markets, Inc., provides M&A, capital raising and other financial advisory services to middle market companies across a focused set of industry verticals. We deliver thoughtful advice, keen market insight and superior execution to our clients, both nationally and internationally, and our managing directors average nearly 30 years of experience and have directly executed more than 600 transactions throughout their careers.

Western Reserve Partners is a part of Citizens Financial Group, one of the oldest and largest financial institutions in the U.S. Also, as a member of Oaklins, the world’s most experienced mid-market M&A advisory organization, Western Reserve Partners has unparalleled access to global companies and investors.